BRAC's promise to attract thousands to Harford County wasn't enough to keep one national developer in the game at Bulle Rock
It seems the possibility of 30,000 people moving to Harford County as a result of BRAC's moving jobs from Fort Monmouth, N.J. to Aberdeen Proving Ground wasn't enough to convince home builder K. Hovnanian Homes to hold onto its plans to put 690 homes on a parcel of land at Bulle Rock, according to a story in today's Baltimore Sun.
The first phase of the development is already under construction, the story said, and will be built. However, about 85 acres - approved for 414 homes - is to be auctioned May 16 at the golf course clubhouse. The story said the debt on the land, which Acacia Capital Corp. bought to develop for K. Hovnanian Homes, is about $28 million.
". . . the builder said yesterday that it had changed its plans because the
group of local investors that financed the deal - the original owners - wanted
more for the land than K. Hovnanian or the developer thought it was worth."
According to the story, a large portion of the new home project:
". . . is scheduled for foreclosure auction next month, an apparent victim
of the sharp slowdown in the housing market that has hurt builders across the
country. Lenders filed to foreclose on the undeveloped part of the upscale Greenway Farm, next to Bulle Rock golf
course in Havre de Grace, after its
owner fell into default."
"It's part of a wave of foreclosures that has hit developers as well as
homeowners, particularly in the suburbs and exurbs."
2 comments:
How do you end up with $28 million debt on only 85 acres of land? Either it's very expensive to buy land in Maryland, or they got a bad deal, or they are politicians (who like to spend a lot of money on nothing)
On another note, your blog (and other blogs about N.J. BRAC) talk about the value having that many people move to Maryland, but is there any opposition?
Hi facingthesharks. Thanks for reading. Can't tell you how they amassed $28 million in debt on 85 acres of land, but in answer to your other question, I'd have to say no. Local residents don't seem to be in opposition to the BRAC move. At the moment it's kind of a abstract concept to most folks. Once it starts affecting people's traffic, water and schools then I think we'll start hearing complaints. Unless, of course, local officials handle it all smoothly:)
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